 "Derivative strategy on Bajaj Auto by HDFC securities")
Buy BAJAJ AUTO FEBRUARY FUTURE AT Rs 2,819
Stop loss: Rs 2,790
Target: Rs 2,875
Rationale:
- Long build up is seen in Bajaj Auto Futures’ yesterday, where we have seen 1% rise in Open Interest with Price rise of 1%
- After a running correcting of nearly 5% from the recent high, stock price reversed northward yesterday from the support level of 200 day SMA to close at four day high.
- Momentum Indicators and Oscillators like RSI and MACD is showing strength in the stock.
- Stock price is trading above its 5,20 and 200 day simple moving average Indicating bullish trend for the short to medium term.
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